Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,109/mo
Lowest payment- Down payment
- $240,973
- Funds due
- $253,241
- Interest + MI left
- $153,251
- First ends
- Oct 2047
Assumption
Assumption + second
$3,503/mo
+$1,394/mo- Down payment
- $50,973
- Funds due
- $64,782
- Interest + MI left
- $465,146
- First ends
- Oct 2047
New loan
New conventional
$3,498/mo
+$1,389/mo- Down payment
- $50,973
- Funds due
- $61,355
- Interest + MI left
- $656,316
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $258,927 | $258,927 | $448,927 |
| Second mortgage | — | $190,000 | — |
| First P&I | $1,514.42 | $1,514.42 | $3,041.19 |
| Second P&I | — | $1,394.15 | — |
| Mortgage insurance | $227.43 | $227.43 | $89.79 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $2,108.51 | $3,502.67 | $3,497.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,973
Closing costs & prepaids$13,809
Usable credit−$0
Total buyer cash needed$64,782
Earnest money paid−$0
Remaining funds due$64,782
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$600.00
Prepaid interest, first (7 days)$193.66
Prepaid interest, second (7 days)$291.51
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing20 yr 10 moOf the original 30-year loan at 3.9%
Interest already paid$104,436Through Dec 2026
Assumption only · ends Oct 2047$153,251
Assumption + second · ends Oct 2047, second Jan 2057$465,146
New conventional · ends Jan 2057$656,316